622 Ocean AveBrooklyn, NY 11226

Property Details for 622 Ocean Ave

Year built

1910

Lot size

0.14 AC

Property size (Sq ft)

4,218 SF

Zone code

R7A

Property type

Office buildings

APN

05100-0072

APU

51000072

Description

Exceptional development opportunity awaits at 622 Ocean Avenue, Brooklyn, NY 11226. This 6,250 sq ft lot (50 ft x 125 ft) is zoned R7A, allowing for medium-density residential development. The property boasts a 46 ft ground elevation, providing a stable foundation for construction. With a 4.0 FAR under the Quality Housing Program, the buildable area could reach up to 25,000 sq ft, presenting significant potential for a multi-unit residential building or a mixed-use project. The location in a thriving residential district offers both community charm and urban convenience. This prime site is ideal for developers seeking to create a vibrant, high-value residential project that meets the needs of the growing community. The asking price is $6,250,000. The existing structure on the property is 4,218 square feet. This presents a unique opportunity to either renovate or demolish and build anew. The R7A zoning allows for flexibility in design, catering to modern urban living demands. Don't miss this chance to capitalize on this exceptional development opportunity in a sought-after Brooklyn location.

• CAP approach

  CAP return

  Valuation

  6%

  $828,086

  6.5%

  $764,387

  7%

  $709,788

• Comparable approach

  Method

  Valuation

  Relative Method

  $551,124

  Geo Method

  $551,124

• Alternative Use

  Use

  Valuation

  Residential

  $947,839

  Hospitality

  $868,216

  Educational

  $722,345

  Medical

  $747,188

  Retail

  $1,123,648

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6476

Longitude

-73.9609

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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